Announcements, Payments Efficiency

Understanding Semantic Data Models and the Impact on Straight-Through Processing

On Dec. 30, the Business Payments Coalition (BPC) published its third report on electronic invoicing (e-Invoicing) as part of its initiative to continue dialogue with the industry to address barriers to corporate business-to-business (B2B) payments efficiency:

The first two reports (Off-site), published on Nov. 1, provided background and methodology on why e-Invoicing is a necessary first step to achieving straight-through processing for B2B payment transactions. Collectively, the three reports begin to lay the foundation for establishing an e-Invoice framework in the U.S. and outlining why it is a necessary first step to achieving straight-through processing for B2B payments transactions.

BPC Continued Efforts

The recently published reports are part of the BPC’s efforts to promote greater adoption of electronic invoice, payments and remittance data exchanges to help reduce societal costs of end-to-end payment transactions and enable innovative payment services across the payments industry. Over the coming years, the BPC e-Invoice Work Groups will continue to collaborate with the industry to assess and provide recommendations for an e-Invoice interoperability framework for the U.S. market.

Get Involved

There are several ways to stay involved with the BPC’s e-Invoicing efforts:

  • Attend a webinar: Watch for an invitation to attend the upcoming webinar in Jan. 2020 which will highlight key findings in the e-Invoice Interoperability Framework: e-Delivery Network Feasibility Assessment and the e-Invoice Interoperability Framework: e-Invoice Semantic Model Assessment reports.
  • Comment on the reports: The BPC welcomes comments on these reports. Comments can be submitted by sending an email to business.payments.smb@mpls.frb.org.
  • Join the BPC: The BPC is an internationally recognized organization with over 650 volunteer members working together to promote greater adoption of electronic B2B invoices, payments, and remittance data. Its goal is to make B2B electronic payments more efficient across the end-to-end process. Visit the BusinessPaymentsCoalition.org (Off-site) website to learn more. Be a part of the change by joining (Off-site) the BPC!

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